Meta CEO Mark Zuckerberg announced at the South By Southwest event that NFT support will be coming to Instagram in the coming months. He also expressed the hope that it would be possible not only to use them, but also to release them.
The debut of non-fungible tokens on the meta-platforms has been long-awaited. Last year, Instagram head Adam Mosseri said the service was exploring the possibilities of NFT but chose not to make any announcements. In January, it was reported that Facebook and Instagram specialists were already working intensively on this topic: it was assumed that platform users could use NFT images as profile pictures, issue tokens themselves and even sell them.
So far, Mr. Zuckerberg hasn’t given any details, and it’s not entirely clear how NFTs can work on Instagram: In theory, it could be possible to sell the most popular posts or use tokens as a pass for stories with restricted access. Perhaps the most attractive from a business point of view is organizing your own marketplace like OpenSea. And of course we must not forget the technological basis for the metaverse, which can hardly do without NFT.
Incidentally, Instagram won’t be the first major platform to support non-fungible tokens – in January they popped up on Twitter, which allowed users to post their pictures as profile pictures. Unlike regular round avatars, NFT images are hexagonal in shape.